(There's no video for Audio Hijack Pro 2.x yet. Please contribute to MR and add a video now!)
With Audio Hijack Pro, you can save audio output from any application, and use DSP effects to improve audio quality from any application. Many audio formats, timed recording, alarms, and more.
Audio-Hijack-Pro-2-SN--OSX-.sit (2.77 MiB / 2.91 MB)
Version 2.0 (PowerPC) with serial / compressed w/ Stuffit
audioHijackPro-292.zip (7.39 MiB / 7.75 MB)
Version 2.9.2 (Universal Binary) Mac OS X 10.4 and higher / Zipped
From Mac OS 10.2
Serial number included (2.0-2.9.2).
Emulating this? It should run fine under: QEMU